BLOOMINGTON, Minn. – The Toro Company has acquired privately owned Batesville, Arkansas-based Intimidator Group. The Intimidator Group designs and manufactures the Spartan Mowers, a professional line of zero-turn mowers. Sold through an established dealer network, Spartan Mowers enjoys strong brand recognition in the southern regions of the United States, appealing to rural markets and large acreage customers. Intimidator Group also designs and manufactures a line of side-by-side utility vehicles that perform well in the toughest terrain.
“Adding Spartan Mowers to our portfolio strategically positions us to be an even stronger player in the large and rapidly growing zero-turn mower market,” said Richard M. Olson, President and CEO of The Toro. Company. “Spartan’s product line complements our innovative Exmark and Toro branded equipment and offers unique opportunities to further leverage technology and efficiencies in design, sourcing and manufacturing. We are confident that the combined efforts of our teams will help advance our strategic priorities while providing unparalleled products, technologies and service to our customers. This decision also reinforces our commitment to a disciplined deployment of capital, including prudent investments in our business, strategic acquisitions, dividend growth and share buybacks, all of which position us to deliver attractive returns to shareholders over the long term. term.
“Our success and growth is the result of our dedicated team of employees, resellers and supply partners for whom we are truly grateful and excited to take this next step in our journey together,” said Robert and Becky Foster. , owners of the Intimidator group. “The Toro Company has a rich history and proven track record of growing brands with the resources to fuel our future growth. With a shared commitment to driving innovation, serving customers, and supporting our employees and communities, we look forward to joining The Toro Company and continuing to provide the best products and service to our customers.
The transaction has already received customary regulatory approvals. The purchase price was $400 million, which was paid with a combination of cash and short-term borrowings under the company’s existing revolving credit facility. The Toro Company expects this acquisition to be slightly accretive to FY2022 adjusted earnings excluding transaction and integration costs.
For the 2021 calendar year, the Intimidator Group’s net sales were approximately $200 million. To learn more about the Intimidator Group and Spartan mowers, visit www.intimidatorgroup.com.
The Toro Company expects to provide updated full-year guidance that includes the Intimidator Group acquisition when it reports its fiscal 2022 first quarter results.